A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period.
Once produced and delivered to the customer, details on the statement are not normally alterable; any error found would normally be corrected on a future statement, usually with some correspondence explaining the reason for the adjustment.
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Bank statements are commonly used by the customer to monitor cash flow, check for possible fraudulent transactions, and perform bank reconciliations. Historically they have been printed on one or more pieces of paper, and either mailed directly to the account holder or kept at the financial institution's local branch for pick-up. In recent years there has been a shift towards paperless electronic statements, and many financial institutions now also offer direct downloads of financial information into the account holders' accounting software to streamline the reconciliation process. Bank statements are important documents and are usually required to be retained for audit and tax purposes for a period set by relevant tax authorities.
To enable account holders to track account activity on an ongoing basis, many financial institutions offer a non-official transaction history before the official bank statement is produced. Such activity may be viewed on or printed from the financial institution's website, a smartphone application, available via telephone banking, or printed by some ATMs.
Transaction histories or account balances may also be shared with other financial institutions, when the account holder gives permission, through open banking to provide services such as account aggregation.[1] An aggregation service only lets the software view an account balance, not actual transactions.
Historically, bank statements were paper statements produced periodically on a monthly, quarterly or annual basis. Since the introduction of computers in banks in the 1960s,[2] bank statements have generally been produced monthly. Bank statements for accounts with small transaction volumes, such as investments or savings accounts, may be produced less frequently. Depending on the financial institution, bank statements may also include certain features such as the canceled cheques (or their images) that cleared through the account during the statement period. Paper statements are typically posted to a customer's home address, and sometimes a copy may be posted to, say, an accountant or guardian.
Financial institutions are required to produce paper statements to customers unless the customer requests either electronic statements or no statements at all. Historically, the production of statements was regarded as part of the banking function, the cost of which was part of providing the service. More recently, however, to encourage customers to opt to receive electronic statements, some financial institutions charge a fee for paper statements.
Some countries such as Japan never had a tradition of mailing statements, with individual account holders being expected to keep track of deposits, withdrawals, and balances using their own passbooks at ATMs.
Since the late 1990s, banks have encouraged customers to receive statements electronically. The switch normally requires express customer consent, which is typically obtained through an online banking system. Producing electronic statements saves financial institutions the significant cost of printing statements, folding them into envelopes and postage. In addition, customers could receive statements more promptly, and not be dependent on the postal delivery service. The customer could print the statement at their premises[3] if they needed one, or have access to historic statements on the institution's website as needed. Other parties may be authorized to have access to the customer's financial information on the institution's website.
Electronic statements may be sent as attachments to emails or, as a security measure, as a reminder that a new statement is available on the financial institution's website. Whether such statements are transmitted as attachments or from the website, they are commonly generated in PDF format,[4] to reduce the ability of the recipient to electronically alter the statement.
Due to identity theft concerns, an electronic statement may not be seen as a dangerous alternative against physical theft as it does not contain tangible personal information and does not require extra safety measures of disposal such as shredding. However, an electronic statement can be easier to obtain than a physical one through computer fraud, data interception, and/or theft of storage media.
A bank deposit account is at the same time an asset of the depositor and debt of the bank. A statement typically presents the bank's view of the account, with credit entries increasing the bank's debit and debit entries reducing it. A customer tracking the same account as an asset would reverse the debits and credits from what appears on the statement.
In the United Kingdom, all banks and building societies are required by law to provide a bank statement on paper or in another durable medium to customers,[5] unless where the customer has a passbook, is a customer of an online only bank or has elected not to receive paper statements.[6]
Banks in the United States are only required to send a statement for a checking account if one transaction has been made from that account in a month. Customers also have the option to receive electronic statements.[7]
An official bank statement is typically sent by the bank to the account holder every month, summarizing all the account's transactions during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals.
A transaction history displays all bank account transactions for a set period you choose. Typically, a bank statement only covers one month of transactions and may leave recent or pending transactions out.
No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.
Helpwithmybank.gov. "There Are Several Forged Checks, All From the Same Person, Against My Account. The Bank Claims That Because More Than 60 Days Have Elapsed, It Doesn't Have to Do Anything. Is This True?"
It doesn't seem like my question fits exactly into any of the categories. My credit union's website hasn't been working well lately, so I can't log on with my computer and download account statements. The only way I can access them for now is to open my banking phone app. I can see the PDF statements, but they're tiny, and it's inconvenient to reconcile accounts while looking at that tiny PDF on my phone.
I've tried several times to save a statement to Dropbox so that I can access it on my computer. This last time I halfway succeeded: The first time I opened a PDF statement in my banking app that day, I had an option to save it somewhere, and I tried to save it to Dropbox. I don't remember why now, but the only option was to save it to a folder called "Sent files." With subsequent PDFs I no longer had the option of saving it, only of "sharing" it. So I could share it on social media, or email it, but those options did not appeal to me. I tried to find that "Sent files" folder on my computer and on the Dropbox website, and could not find it anywhere. Later on, that folder appeared mysteriously in the main folder I use on Dropbox. But it was empty, so I deleted it. On the following day, the folder had reappeared there and my account statement was inside it. But that folder really doesn't belong there, and I don't want it to reappear in that location.
Thank you for your reply. Yes, just like you stated, I did not see the option "Save to my Dropbox" available anywhere, so the only options I could find were those undesired "sharing" icons, so I kept looking through those to find what I needed. Today I tried opening my banking app again on my phone, and went to the account statements. This time after I clicked to view the PDF with Dropbox, I did see an option at the bottom of the screen, "Save to my Dropbox," and I was able to use that to save the file to a folder of my choosing. So that's very good! As long as that option will always pop up for me in these cases in the future, then my problem is solved. If I run into the same problem again later, then perhaps I will just reinstall the Dropbox app on my phone to eliminate any possible glitches. Thank you for your help!
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These three pictures are in sequential order. In my banking app I select a statement I want to see, and it's a PDF so the app asks which program I want to use to view it. I choose Dropbox. In the Dropbox app I can click the share icon, but that doesn't help me since I don't want to send it to anyone (nor do I want to email it to myself). In the third picture my statement is visible so I've smudged it to blur financial details. My timer app is active here but that's not relevant. I can press the three-dots icon and I get these options: copy link, share, and manage access. None of these options are relevant. But when I tried doing this just now, this time the statement I was viewing appeared in a new Sent Files folder in the Dropbox folder on my computer. So that's good! But I had no idea how to make that happen by choice, when I've struggled with it many times before. If statements will always appear in that folder from now on, that will be very helpful and it will work for me. But since this happened by accident, I'm concerned that maybe I don't really have a solution here yet. 152ee80cbc